Romania's Banca Transilvania Prelim 9-Mo Net Profit Triples

The bank’s total assets rose to just under 16.47 billion lei at the end of September, up by 18.7% from the end of last year and reaching 85% of the targeted figure for the end of 2008, it said in a statement. The bank opened 66 new branches in the nine-month period, bringing their total number to 521.

“We are a solid, profitable bank, with 1.3 million active clients and a healthy lending policy. We are taking special care of our liquidity, risk management [...] to ensure a healthy growth,” Banca Transilvania’s director general Robert Rekkers said in the statement.

The Romanian banking system will not be affected by the turbulences on international markets, Rekkers said. Banca Transilvania is not internationally exposed and its capital is predominantly Romanian, he said, adding that the bank has deposited with Romania's central bank 850 million euro in minimum reserves.

The bank said earlier it expected its gross profit to fall by 25.6% to 300 million lei this year. It also said it would invest 36.8 million euro in 2008, including 18 million euro in its branch network.

(1 euro = 3.8847 Romanian lei)